Silver Weekly Price Forecast – Silver markets testing the major support
Silver markets have tested the $15.50 level, and that is roughly where we are closing for the week. The market looks likely to find a lot of support in this area, and I believe it’s only a matter of time before we find buyers to turn around the market and continue the consolidation that we have seen for some time. I believe that the market will eventually find a way to reach towards the $16.50 level, an area that was resistance. I believe that there is massive demand underneath to keep this market afloat.
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At this point, I think that if we drift lower, longer-term “buy-and-hold” traders will continue to pick up cheap silver underneath. Over this range, I would anticipate a lot of demand coming back into the market, and the GDP number in the United States missing by 0.1% might be the excuse that traders are looking for. At this point, I would be a buyer and I believe that we will go to at least the $16.50 level, if not higher than that. At this point, the market looks likely to be bullish of the next several weeks, so therefore I am a buyer of silver as we continue to see the currency such as the Euro, Pound, and the Australian dollar finds support against the US dollar as well. I think we are going to see a reversal of fortune for the greenback soon.